The regulator, as lead regulator for the HSBC Group globally, has required the action of HSBC Group, which are designed to ensure that all parts of the HSBC Group are in compliance with the relevant legal and regulatory requirements across the Group to prevent similar failings occurring in the future.
FSA requires HSBC Holdings to establish a committee of the HSBC Board with a mandate to oversee matters relating to anti-money laundering; review relevant group policies and procedures; appoint a Group Money Laundering Reporting Officer (MLRO) who will be an FSA approved person; and employ an independent monitor to oversee the Group’s compliance with UK anti-money laundering and to provide independent reporting to the HSBC Board committee and regulators.
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With its supervision, FSA will take steps to ensure that HSBC complies with these measures.
The measures taken by FSA are in addition to the requirements of the Cease and Desist order issued by the Federal Reserve Board and the Deferred Prosecution Agreement issued by the US Department of Justice on 11 December 2012.
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